car donation

its the only explanation.

And your getting alot of answers.

Oh, i remember seeing a commercial about getting a tax refund for donating your car. It was for red cross or something. I can remember.

What is your car anyway?
 
I did it just for the free tow. They said that I could deduct the value from my tax owed, but the standard deduction was more than what I could itemize.
If you can benefit from donation, donate, if not, you're basically giving away money.
 
Gotta love how drive through ATMs have brail (yes, I know they just make one kind of ATM and stick it in drive throughs also)
 
I doubt I could get $2K, even though that is the blue book value. The water pump recently stopped working and the car over heats if I drive more than a few miles. Repairing the pump is an easy $500 which I don't care to do. Donating the car gives me a tax deduction and a free tow.
 
you shoud've donated it 3 weeks ago. up until jan 1 2005 you could deduct what you thought the fair market value of the car was up to 5000 dollars. now you get whatever it sells for. my parents just donated our old van for this very reason.
 
fartiusstinkius said:
you shoud've donated it 3 weeks ago. up until jan 1 2005 you could deduct what you thought the fair market value of the car was up to 5000 dollars. now you get whatever it sells for. my parents just donated our old van for this very reason.
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Yeah, I JUST read about this change. Sucks for me.
 
NOVA|lam said:
water pump $500?.
nah, you should be able to get that job done for less than half that.
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I've already sunk close to 1K into the car the past year to keep it going. No longer worth it for me. To replace a water pump you need to take out the engine and other components. It's not cheap. I don't need a car anyways, more of a luxury item where I live/work.
 
can you still do this? I thought they got rid of it. It also turned into a fairly big audit flag. I donated my old buick century and claimed $4500 or so a few years back.
 
mrcheesy said:
can you still do this? I thought they got rid of it. It also turned into a fairly big audit flag. I donated my old buick century and claimed $4500 or so a few years back.
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If it's over 5K I think you need to get it certified first or they raise flags.
 
mrcheesy said:
can you still do this? I thought they got rid of it. It also turned into a fairly big audit flag. I donated my old buick century and claimed $4500 or so a few years back.
Click to expand...
fartiusstinkius said:
you shoud've donated it 3 weeks ago. up until jan 1 2005 you could deduct what you thought the fair market value of the car was up to 5000 dollars. now you get whatever it sells for. my parents just donated our old van for this very reason.
Click to expand...
 
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